Extended Family Looking for a Place to Call Their Own
Jamie and Deanna are parents to two young children (6 and 10). They are currently renting but are extremely motivated to get into their own home for to provide stability and security for their kids. Jamie was close to qualifying for a mortgage on his own but needs a little time to pay down a car loan and improve his credit. Deanna’s mom and sister are both on ODSP due to Lupus and unable to afford a house of their own they decided to move in together to share costs. Deanna was working up until December (earning $40,000) when she decided to go back to school to upgrade her skills. She is in Early Childcare Education (ECE) and will be completing this new program next December when she will be re-entering the workforce.
They have saved up $25,000 for a down payment and will need 3 years to build up a bigger down payment and improve their credit situation.
The family has a combined annual household income of $105,000. Jamie works for The Miller Group as an Operator. He has been with them since 2017 and earns $52,000 annually. Joan and April are both on ODSP and collectively earn $32,000 annually. These payments are guaranteed. They family also has child benefits they collect in the amount of $21,000 annually.
Jamie has a credit score of 591. Outside of once car loan, he is carrying little debt. Over the course of the three-year program, he will pay down the car loan and be in a really good position to qualify for the mortgage. Joan has a score of 610 with no debt and April has a score of 580. April needs to establish another credit line to improve her credit and the three of them will work with our Clover approved Mortgage Broker to get mortgage ready for the end of the 3 year term.
The family have found a great property in the Parry Sound area that has plenty of space for the family to live comfortably. Located in a quiet neighbourhood, this property has 4-bedrooms and 1.5 baths. This property has an open concept main floor, main laundry, finished basement as well many upgrades include roof (2009), windows (2015) and natural gas furnaces (2015). This property is 30 minutes to Huntsville and located right off of HWY 11 for easy commuting to where Jamie works.
If you can qualify for a $320,000 mortgage (based on a 20% down payment), and would like to earn about $862+ in monthly cashflow to help Jamie, April and Joan Rent to Own, please call or text Rachel at 416-450-1940.